According to a recent study on financial roles

[Pia]

According to a recent study on financial roles, one-third of high school seniors say that they have "significant financial responsibilities." These responsibilities include, but are not limited to, contributing to food, shelter, or clothing for themselves or their families. At the same time, a second study demonstrates that a crisis in money management exists for high school students. According to this study, 80% of high school seniors have never taken a personal finance class even though the same percentage of seniors has opened bank accounts and one-third of these account holders has bounced a check.

Which of the following conclusions can be properly drawn from the statements above?

High schools would be wise to incorporate personal finance classes into their core curricula.

At least one-third of high school seniors work part-time jobs after school.

The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check.

Any high school seniors who contribute to food, shelter, or clothing for themselves or their families have significant financial responsibilities.

The majority of high school students have no financial responsibilities to their families.

Ans: the correct ans is mentioned as C. How can you comment on the actual no. of students when you dont know the base / sample size in both cases. u need to know the actual size before you comment from percentages

[StaceyKoprince]

You either need to know the numbers OR you need to know some relation between the numbers - which we have in this case.

We're told that 1/3 of all high school seniors, or about 33% of all seniors, fall into the "significant financial responsibilities" category.

We're also told that 80% of all high school seniors have opened bank accounts and that 1/3 of those account holders has bounced a check. 1/3 of 80% is about 26% of all seniors. That's a smaller number than 33% of all seniors.

Essentially, all we're saying is that 1/3 of 100% is going to be a bigger number than 1/3 of 80%.

[Pia]

Thanks Stacey:-)

[sarav98]

Stacey - I am struggling with the same question raised by Pia.


In this case, what if the sample size of two studies are different? what if the sample size for the first study is 50 and for the second study, 100.

18 (1/3 of 50) < 1/3 of 80

The other choices are not close either. Since there are close answers, are we allowed to make the assumption that the sample size is same for both the studies?

Please clarify.

[StaceyKoprince]

Do NOT make an assumption that it is only one way. Your assumption should be that the sizes could be the same or they could be different (either close or very different) - but you don't know. If knowing that it could be anything then makes an answer choice problematic, then it's not the right answer.

In general, on CR, you can assume nothing. You only know exactly what they've told you. Same is true for RC.